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Real
Eileen M. Day REALTOR
GOODBYE TO THE
KIDS
When the children move out of the nest, the parents eventually have three options: Stay in the home, trade up to something better or move to a smaller, less expensive condo or retirement home. The household income of many older working couples may be much higher than it was when they began their careers. So they may be planning to move up — if not to a bigger home, then one with more amenities. If so, they may be better equipped than a younger couple to handle the increased payments of a 15-year fixed-rate mortgage. On the other hand, they may be interested in buying something smaller for retirement. They may want the security of living in their home free from mortgage obligations. In such a case, they may prefer to pay cash from the sale of their existing home. Current tax law allows people who are 53 or older to a one-time exemption from taxes on profits of up to $125,000 from the sale of a home. This may help make some options more achievable. If there is anything we can do to help you in the field of real estate please stop In at EILEEN M. DAY, Realtor, the Clopton House, Washington, VA 22747. Phone 6753033. We're here to help.
Estate
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